The Indian government offers savings schemes to encourage saving and provide secure investment options.
The Indian government offers various savings schemes that provide secure investment options and encourage individuals to save for their future needs. The schemes target different groups of society, such as senior citizens, women, farmers, and salaried individuals. These schemes also provide tax benefits and help the government raise funds for various developmental projects.
There are 4 government-backed schemes available to individuals through banks and post offices across the country. The National Savings Monthly Income Account Scheme requires a minimum investment of Rs. 1000, with a maximum limit of Rs. 9 lakhs for a single account and Rs. 15 lakhs for a joint account. The account matures in 5 years and offers an interest rate of 7.4%.
The National Savings Time Deposit Account offers four categories of time deposit accounts with a minimum deposit of Rs. 1000 and no maximum limit. Deposits in the five-year time deposit account qualify for a deduction under section 80-C of the Income Tax Act. The interest rate ranges from 6.80% to 7.5%, depending on the deposit term.
The Senior Citizens Savings Scheme allows individuals aged 60 years or above to open an account with a minimum deposit of Rs. 1000 and a maximum limit of Rs. 30 lakhs. Retired defense personnel aged 50 years or above may also open an account. The account can be opened individually or jointly with a spouse and offers an interest rate of 8.20%.
The National Saving Certificate requires a minimum deposit of Rs. 1000 and has no maximum limit. The account matures in 5 years and offers an interest rate of 7.7%. Joint accounts can be opened by up to three adults payable to both holders jointly or to the survivor.
The Public Provident Fund Scheme allows a minimum deposit of Rs. 500 and a maximum deposit of Rs. 1,50,000 in a financial year. The account matures on completion of fifteen complete financial years and offers loan and withdrawal facilities. The account can be extended indefinitely with the prevailing interest rate.
The government savings schemes aim to promote a culture of savings in the country and provide safe investment options to individuals. They also offer tax benefits and help raise funds for developmental projects.
Read more: Post Office term deposits compete with bank FDs after 3 interest rate hikes, check details
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